China's battery material suppliers are overtaking Japanese firms and are also responsible for 80% of global battery raw material refining.
On the other hand, leading global power battery manufacturers have mapped out aggressive capacity expansion plans over the next five years to keep up with growing EV demand. It is noteworthy that amid the US-China trade war, Korean firms are establishing production bases in the US and are even poised for market dominance.
A power battery generally consists of four major components - cathode material, anode material, electrolyte and insulating separator. Among them, the cathode material represents the largest share, 40%, and its cost also shows the most significant increase.